The beginning of Sri Lanka's debt restructuring negotiations was declared by India, Japan, and France. The three co-chairs, India, Japan, and France, decided to lead a coordinated debt restructuring of the island nation while taking part in a high-level event on Sri Lankan debt difficulties outside of the International Monetary Fund (IMF) and World Bank (WB) Spring Meetings in Washington.

The event's main goal was to show how the creditors' and Sri Lanka's cooperative multilateral approach to the debt restructuring process. Nirmala Sitharaman, India's finance minister, spoke at the event and reaffirmed her country's commitment to helping Sri Lanka through its current economic crisis.

In order to ensure openness and equal treatment of all creditors during the debt restructuring discussions, she underlined the importance of coordination among creditors.

The meeting was attended by Shehan Semasinghe, Sri Lanka's state finance minister, Emmanuel Moulin, director general of the French treasury, and Suzuki Shunichi, the finance minister of Japan. Ranil Wickremesinghe, the president of Sri Lanka, and the finance minister took part virtually.